Insolvency and recovery
advice for sole traders & partnerships

Business structure matters. Personal and partnership debts need a different assessment from limited-company insolvency.

Identify who owes the debt

A sole trader is not legally separate from the individual operating the business. Partnership liabilities depend on the partnership structure and the relevant agreements. Establish exactly who signed contracts, holds finance and owes tax before comparing options.

Business debts

Personal liabilities

Repayment options

Need to talk it through?

A first conversation is confidential, free and without obligation. We’ll help you plainly assess your next step.

◆ PRESSURE POINTS

Key considerations for sole traders & partnerships

Review business and household affordability

Prepare a record of business receipts and costs, personal income and essential expenditure, assets, secured borrowing and guarantees. A plan that keeps the business trading but leaves essential personal bills unpaid may not be sustainable.

Get advice suited to the structure

Company procedures should not be assumed to apply to an unincorporated business. Negotiations, personal insolvency or partnership-specific procedures may need consideration with an appropriately qualified adviser. Tell us whether you operate as a sole trader, general partnership, LLP or limited company so the enquiry can be directed appropriately.

◆ RELEVANT SUPPORT

Relevant support for
sole traders & partnerships

These are the routes most relevant to this situation. Each page explains the process in detail.

Company Rescue & Restructuring

If the business has a viable future, explore ways to stabilise cash flow, address arrears and keep trading.

HMRC Time to Pay

A realistic instalment proposal may help a business address overdue tax while meeting its ongoing commitments.

◆ NEXT STEPS

What happens if you get in touch

Understand your position

Discuss your financial position, current pressures and any urgent deadlines.

Review your options

Review the practical routes and the information needed to assess them.

Agree the next steps

Decide how to proceed with a clear understanding of the implications.

— CONFIDENTIAL BUSINESS ADVICE

Ready to understand
your business options?

Get clear advice when your sole traders & partnerships is under pressure. Tell us what is happening and understand the practical steps available to you.

WITHOUT OBLIGATION

Let’s talk about your business.

Start a confidential enquiry with our team. You do not need to know which service you need before getting in touch.

Supporting businesses across Yorkshire

Insolvency and recovery advice for sole traders & partnerships